Whether they build luxury, industrial, or leisure boats, your clients in the marine industry face unique risks. Yacht builders insurance programs can help mitigate those exposures by protecting against litigation, accident, and disaster. Understanding three key types of boat builders insurance is essential to creating a comprehensive package that provides stability for your clients through the entire yacht building process.
1. Property Coverage
Property insurance covers the insured’s physical assets. For yacht builders, this can help guard against losses incurred from damage or loss related to buildings, inventory, docks and piers, equipment, and even income related to business interruption.
2. Liability Coverage
Liability policies protect against personal, advertising, or property damage caused by services provided, employees, or general business operations. Although coverage varies by policy, common options for yacht builders include general liability, marina operators legal liability, and pollution liability.
3. Employee Coverage
Employee coverage is not only helpful to business owners, it is often mandated by law. This type of insurance covers the insured if an employee is injured or otherwise harmed on the job. For yacht builders, specific employee coverage options are available, including:
- Worker’s Compensation
- Jones Act/MEL/USL&H
- United States Longshore and Harbor Workers Act
Yacht builders are exposed to a variety of unique liabilities. Yacht builders insurance programs offer critical risk management solutions to provide the peace of mind and protection builders need to thrive.